上市之家获悉，中式快餐品牌老乡鸡近期第三次向港交所递交招股书，中金公司与国泰海通担任联席保荐人。 这一轨迹并非个例，近年来九毛九、蜜雪冰城等餐饮企业均因A股审核严苛转战港股，2025年以来小菜园、古茗、绿茶餐饮等相继登陆港股，推动消费赛 道"港股热"升温。 01 坎坷上市路 老乡鸡的资本化征程堪称"屡败屡战"。2022年5月，其首次向上交所递交A股申请，彼时市场给出180亿元估值，却因证监会直指实际控制人行贿风险、社 保缴纳不规范等45条核心问题，当年8月审核被终止。2023年2月二次冲击A股后，公司于8月主动撤回申请，坦言A股上市周期与战略规划不匹配。 转战港股后，进程依旧坎坷。2025年1月首次递表因未按期更新材料失效，7月更新招股书二次递表仍未能成功推进。截至2026年初第三次递表，胡润研究 院数据显示其估值已腰斩至90亿元。 港股审核对餐饮企业相对宽松，但并非毫无门槛。有券商分析师指出，港股对管理层诚信要求严格，老乡鸡需参考小菜园经验，通过引入职业经理人、设 立独立董事会提升治理透明度，方能应对监管审视。此次募资拟用于供应链强化、门店扩张、数字化升级及品牌推广等，试图借助资本加速全国布局。 02 短板 ...

Core Viewpoint - The hot pot brand "Banu" is set to go public in Hong Kong, highlighting the growing trend of companies seeking to list in the Hong Kong market due to its favorable conditions for capital raising and valuation opportunities [1][3][31]. Group 1: Company Overview - Banu, founded in 2001, has grown from a small hot pot restaurant in Henan to a prominent brand with 145 direct stores across 39 cities by June 2025 [3][5]. - The company's strategic shift in 2012 towards "productism," focusing on high-quality ingredients like tripe and unique broth options, has been pivotal for its success [5][6]. - Banu has established a robust supply chain with five central kitchens and a dedicated base material factory, ensuring consistent quality and efficient logistics across 14 provinces [6][17]. Group 2: Reasons for Hong Kong Listing - Banu's decision to list in Hong Kong is driven by three main factors: the need for capital to support rapid expansion, the potential for higher valuations, and the favorable market characteristics of Hong Kong [8][9]. - The company plans to open 177 new stores over the next three years and invest significantly in expanding its supply chain infrastructure, necessitating substantial funding [9][10]. - Banu's profitability has improved, with projected earnings of 1.02 billion RMB in 2023, but its profit margins remain lower than competitors like Haidilao [10][12]. Group 3: Market Dynamics - The Hong Kong IPO market has become increasingly attractive for consumer brands due to its lower listing thresholds and flexible valuation criteria compared to the A-share market [18][20]. - In the first quarter of 2025, the Hong Kong IPO market raised nearly 177 billion HKD, a significant increase, while the A-share market has seen a decline in activity [22][28]. - The shift in market dynamics reflects a broader trend where consumer brands, especially those with clear positioning and supply chain advantages, are favored in the Hong Kong market [30][34].

Group 1: Company Updates - Hu Shang A Yi has passed the Hong Kong Stock Exchange hearing and submitted its prospectus on April 23, 2024, with joint sponsors including CITIC Securities, Haitong International, and Dongfang Securities (International) [2] - As of April 18, 2025, Hu Shang A Yi operates 9,367 stores across all municipalities and over 300 cities in China, making it the brand with the widest coverage in the mid-priced fresh tea market [4] - Revenue for Hu Shang A Yi from 2022 to 2024 was 2.199 billion, 3.348 billion, and 3.285 billion yuan respectively, with adjusted net profit increasing from 154 million to 418 million yuan [4] Group 2: Green Tea Group Developments - Green Tea Group has also passed the Hong Kong Stock Exchange hearing, with Citigroup and CMB International as sponsors [5] - As of April 14, 2024, Green Tea Group has 489 stores covering 21 provinces in mainland China and Hong Kong, ranking third in the industry by store count and fourth by revenue [7] - Revenue for Green Tea Group increased from 2.375 billion to 3.838 billion yuan from 2022 to 2024, with net profit rising from 17 million to 350 million yuan [7] Group 3: Market Trends - The trend of "A-share retreat, Hong Kong stock advance" is evident as many food and beverage companies are seeking listings in Hong Kong due to stricter A-share market regulations [4][20] - The Hong Kong market allows for more flexible profitability requirements, enabling unprofitable companies to list, which contrasts with the tightening standards in the A-share market [20] - Notable companies like Lao Xiang Ji and Dezhou Braised Chicken have withdrawn their A-share IPO applications, reflecting the increasing difficulty of meeting A-share listing criteria [20] Group 4: Future Plans and Strategies - Hu Shang A Yi plans to use IPO proceeds for digital upgrades, product development, supply chain enhancement, store network expansion, and working capital [4] - Green Tea Group's fundraising plans include expanding its restaurant network, building central ingredient processing facilities, upgrading IT systems, and supplementing working capital [7] - The Hong Kong Stock Exchange is exploring ways to lower fundraising thresholds and optimize governance structures to attract more mainland consumer companies to list [20]